Bilateral Trade, Openness and Asset Holdings

We study the valuation of unit-linked life insurance contracts with surrender guarantees. Instead of solving an optimal stopping problem, we propose a more realistic approach accounting for policyholders’ rationality in exercising their surrender option. The valuation is conducted at the portfolio level by assuming the surrender intensity to be bounded from below and from above. The lower bound corresponds to purely exogenous surrender and the upper bound represents the limited rationality of the policyholders. The valuation problem is formulated by a valuation PDE and solved with the finite difference method. We show that the rationality of the policyholders has a significant effect on average contract value and hence on the fair contract design. We also present the separating boundary between purely exogenous surrender and endogenous surrender. This provides implications on the predicted surrender activity of the policyholders.unit-linked life insurance contracts, surrender guarantee, limited rationality, fair contract analysis

Variable Annuity with GMWB: surrender or not, that is the question

Under the optimal withdrawal strategy of a policyholder, the pricing of variable annuities with Guaranteed Minimum Withdrawal Benefit (GMWB) is an optimal stochastic control problem. The surrender feature available in marketed products allows termination of the contract before maturity, making it also an optimal stopping problem. Although the surrender feature is quite common in variable annuity contracts, there appears to be no published analysis and results for this feature in GMWB under optimal policyholder behaviour - results found in the literature so far are consistent with the absence of such a feature. Also, it is of practical interest to see how the much simpler bang-bang strategy, although not optimal for GMWB, compares with optimal GMWB strategy with surrender option. In this paper we extend our recently developed algorithm (Luo and Shevchenko 2015a) to include surrender option in GMWB and compare prices under different policyholder strategies: optimal, static and bang-bang. Results indicate that following a simple but sub-optimal bang-bang strategy does not lead to significant reduction in the price or equivalently in the fee, in comparison with the optimal strategy. We observed that the extra value added by the surrender option could add very significant value to the GMWB contract. We also performed calculations for static withdrawal with surrender option, which is the same as bang-bang minus the "no-withdrawal" choice. We find that the fee for such contract is only less than 1% smaller when compared to the case of bang-bang strategy, meaning that th "no-withdrawal" option adds little value to the contract.Comment: arXiv admin note: substantial text overlap with arXiv:1410.860

Journal of Oliver Boardman of Middletown: 1777 Burgoyne\u27s Surrender

Covers the period from September 2, 1777 to the surrender of the British army under General John Burgoyne at Saratoga on October 19, 1777. It includes the terms of surrender

McDonough\u27s Sarah’s surrender (Book Review)

A review of McDonough, V. (2016). Sarah’s surrender. Uhrichville, OH: Shiloh Run Press. 318 pp. $14.99. ISBN 978162836953

Convention between Romania and the Great Powers on the 12th of September 1944

The formula for the “unconditional surrender” adopted in Casablanca on the 24th of January 1943 was meant to acquaint the governments of the states at war with the United Nations with the treatment and the terms of their countries would have to take, no matter when or why they might withdraw. As far as Romania was concerned, the terms of surrender included, among others, demobilisation and disarmament, handing over war materials, amends etc, all of which were to be imposed on by the three great powers and had been thought mainly to secure safety and to carrying on the warfare against Germany. These objectives were considered to have deep political implications.surrender, unconditional surrender, Romanian delegation

Book Review: Beyond Compare: St. Francis de Sales and Sri Vedanta Desika on Loving Surrender to God

A review of Beyond Compare: St. Francis de Sales and Sri Vedanta Desika on Loving Surrender to God by Francis X. Clooney, S.J

Privacy Surrender for Security Theory (PSST)

Undergraduate Theoretical Proposa

Agricultural tenancies: implied surrender and regrant and the operation of the Agricultural Tenancies Act 1995

Agricultural tenancies arising after 1st September 1995 are mostly governed by the Agricultural Tenancies Act 1995. As such, tenants under this Act do not benefit from the degree of protection conferred on tenancies already in existence, which remain under the Agricultural Holdings Act 1986. Section 4 of the 1995 Act seeks to protect those tenancies which subsequently inadvertently undergo a surrender and regrant and which would otherwise lose the protection of the 1986 Act. This paper seeks to investigate, by relating recent case law and statute to the situation of agricultural tenancies, the occasions where surrender and regrant might occur and whether in such instances the protection of the 1986 Act will be lost